O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2024 · Q261 Mark
The Daylee Sports Club was formed in January. During its first year the club purchased equipment costing $5000, paying by cheque. Which of the club's financial statements are affected by the purchase of this equipment?
Areceipts and payments account: ✓, income and expenditure account: ✓, statement of financial position: X
Breceipts and payments account: ✓, income and expenditure account: X, statement of financial position: ✓
Creceipts and payments account: X, income and expenditure account: ✓, statement of financial position: ✓
Dreceipts and payments account: X, income and expenditure account: X, statement of financial position: ✓
✓ Correct answer
B: receipts and payments account: ✓, income and expenditure account: X, statement of financial position: ✓
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